This Morning in Metals: U.S. steel capacity utilization hits 76.7%
This morning in metals news: the U.S. steel sector’s capacity utilization rate hit 76.7% last week; the London Metal Exchange has proposed permanently closing its iconic Ring trading floor; and the copper price has trended flat over the past week.
Steel capacity utilization reaches 76.7%
The U.S. steel sector’s capacity utilization rate hit 76.7% for the week ending Jan. 16, the American Iron and Steel Institute reported.
Production during the week totaled 1.74 million net tons, up 1.7% from the previous week. The total, however, marked an 8.8% year-over-year decline.
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LME proposes plan to permanently close historic trading Ring
The LME has proposed permanently closing its historic trading “Ring,” the Financial Times reported.
As the Financial Times notes, trading in the Ring came to a halt last year as a result of the coronavirus pandemic.
Copper price trends flat
The LME three-month copper price has trended flat over the last week.
The price closed Tuesday at $7,992 per metric ton after briefly edging over the $8,100 per metric ton threshold earlier this month.
Over the last month, the three-month copper price is up 1.7%.
Volatility is the name of the game. Do you have a steel buying strategy that can handle the ups and downs?
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